Bitcoin's appeal lies in being anonymous, untraceable, and unregulated. These attributes give the virtual currency appeal to a broad spectrum of speculators and investors, entrepreneurs, and the criminal underworld — including drug traffickers, terrorists, and anyone wanting to circumvent currency or tax regulations. So, It is not future of the money.

Bitcoin's appeal lies in being anonymous, untraceable, and unregulated. These attributes give the virtual currency appeal to a broad spectrum of speculators and investors, entrepreneurs, and the criminal underworld — including drug traffickers, terrorists, and anyone wanting to circumvent currency or tax regulations. So, It is not future of the money.

Actually, Bitcoin is not as anonymous as you think it is. In fact, it's not anonymous at all, in the sense that everyone know exactly how many bitcoins are in every single bitcoin wallet. Now if someone can figure out the exact time and amount of a transaction, you'd be easily able to figure out who owns which wallet. As of now, it'll be very difficult to do, but given a number of years, it would be very possible to trace wallets back to individuals.

Oh, and to answer the original question: it is way too volatile at the moment for anything serious to happen with bitcoin. Perhaps when it's more normalized in a few years (or more), then we can start talking. :P

Oh, and to answer the original question: it is way too volatile at the moment for anything serious to happen with bitcoin. Perhaps when it's more normalized in a few years (or more), then we can start talking. :P

The central bank said it was keeping watch at the developments relating to certain electronic records claimed to be decentralised digital currency such as bitcoins, litecoins, bbqcoins, dogecoins and their usage or trading in the country.

Bitcoins are digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. Bitcoin is an alternative currency, which uses cryptography for security, making it difficult to counterfeit. Bitcoin issuance and transactions are carried out collectively by the network, with no central authority.

“As such, there is no established framework for recourse to customer problems/disputes/chargeback, etc,” the RBI cautioned.

The total number of bitcoins that will be issued is capped at 21 million to ensure they are not devalued by limitless supply. Currently, it is estimated that there are 12 million bitcoins in circulation.

RBI said there were several media reports of the usage of virtual currencies, including bitcoins, for illicit and illegal activities under several jurisdictions.

Bitcoins came under scrutiny as they were used extensively on Silkroad, an online black market for illegal drugs. Silkroad was shut down by the FBI in October and the agency seized $28.5 million worth of bitcoins.

“The absence of information of counterparties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism,” the RBI statement added.http://www.indianexpress.com/news/rb...risks/1211431/

__________________Nietzsche (1887) : God is deadGod (1900) : Nietzsche is dead -----------------------------------------
I will not be hurried and I will not be bullied

It will never be.. too many risks and also government control will be at stake.

It will at best be like the IOU's given by various baniyaas in india with their rubber stamp on a piece of paper if a person declines to accept the official change these days (which happen to be assorted candys.. cadbury eclairs instead of 1 rupee, a packet of saunf or ilaichi for half a rupee, or 2 laungs i.e cloves for smaller amounts.. perk biscuit for 5 rs... 10 rs is the minimum you can get most of the days.

In veggi shops a handful of green chilli or coriender leaves are used as loose change.

I have a box full of assorted chocolates stored.. bit coins will eventually become butt coins..

There was a similar online currency called E-Gold, which was quite popular a few years back. It fluctuated many a times daily, depending on the change in rates of gold in international market.

The site was finally nailed down by US interference, as it had become scamers hub, who would hack PP and MB accounts of people and get it exchanged in E-Gold (whose transactions, unlike Paypal are irreversible). Expect a smiler end to Bitcoin in the near future ....